Tether Purchases 651.3 Billion Won of BTC for New Bitcoin Operator

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Tether purchased over 4,800 bitcoins for the new bitcoin asset management company '21 Capital'.

According to the disclosure filed with the U.S. Securities and Exchange Commission (SEC) on May 13, Tether purchased a total of 4,812 bitcoins for $458.7 million (approximately 651.3 billion won). The average purchase price per bitcoin was $95,320.

This purchase is for the bitcoin asset management company '21 Capital' recently established by Jack Mallers. 21 Capital was established in April through collaboration between Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group, and is set to merge with Cantor Equity Partners through a special purpose acquisition company (SPAC). After the merger, it will be listed on Nasdaq with the ticker 'XXI'.

21 Capital plans to start operations with approximately 42,000 bitcoins (approximately $4.4 billion at current market rates). Tether and Bitfinex are the major shareholders, with SoftBank holding a minority stake. Jack Mallers, CEO of bitcoin payment company Strike, will serve as the CEO of the new company and plans to provide bitcoin lending services and other financial products.

This large-scale bitcoin purchase came immediately after Tether announced achieving over $1 billion in revenue in the first quarter. Tether is one of the companies purchasing large amounts of bitcoin in May. Michael Saylor's Strategy purchased 13,390 bitcoins for $1.34 billion, and the Japanese investment company Metaplanet added 1,241 bitcoins, surpassing El Salvador's holdings as of May 12.

According to a report by bitcoin investment company River, corporate bitcoin holdings have increased by 157,000 bitcoins (over $16 billion at current market rates) this year. This is higher than the growth of ETFs, governments, and individual investors.

Bitwise announced last month that at least 12 publicly traded companies purchased bitcoin for the first time in the first quarter of 2025, and public companies' bitcoin holdings increased by 16%. Cryptoquant CEO Ki Young-joo analyzed that Strategy is purchasing bitcoins faster than mining production, causing an annual deflation of -2.3%.

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